Ethereum (ETH) Surges Above $2,000 for the First Time in 3 Months on Ripple Victory

ETH price surged above $2,000 for the first time since mid-April following Ripple’s SEC win.

Ethereum is up nearly 8% on the day, reaching a high of $2,020 during the Asian trading session on Friday morning.

Furthermore, the asset, which was also considered a security by Gary Gensler and the SEC, has outperformed bitcoin, which has only managed a 3.5% daily gain.

#ETH 2k is dancing around! It is more than just a number, it is a symbol of strength and resilience. Folks, keep your eyes on the prize. $ETH not finished yet! #crypto #ethereum pic.twitter.com/QvfMlErtji

— Cryptachi (@itachi_cryptoo) 14 July 2023

Ethereum Gets a Boost by Ripple Win

On July 13, Judge Torres, the judge presiding over the Ripple case, ruled that the secondary sale of XRP was not an investment contract. This shocked the SEC as XRP can no longer be considered a security in this case.

As a result, it has been re-listed on several exchanges including Coinbase, which has increased its price by over 70%. Other assets that the SEC has alleged are securities, such as Ethereum, have soared in price.

XRP (XRP) is now live and in the Coinbase iOS and Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.

– Coinbase Assets 🛡️ (@CoinbaseAssets) 13 July 2023

Zooming out shows that Ethereum is still within its sideways channel despite this bounce. To register further gains, it needs to break the resistance at the mid-April highs of $2,120, so it may resume its range-bound action for some time.

Nevertheless, ETH has gained an impressive 16% over the past month, although half of that has happened in the past few hours.

Ethereum staking statistics are also on the rise, with a record high of 24 million staked ETH, according to Nanase, This represents a record 20% of the total supply and is worth $48 billion at current prices.

Other altcoins are skyrocketing

Total market capitalization rose 6.4% to $1.3 trillion on the day, the most since mid-April.

However, zooming out reveals that the markets have been sideways since mid-March, and today’s surge is only a minor setback.

Other altcoins that got a big boost from Ripple’s win include BNB, which is up more than 6% at $258. Cardano (ADA) has seen a massive jump of 26% to $0.363, while Solana is up 33% at $29 at the time of writing.

Other altcoins with double-digit gains today include Dogecoin (DOGE), Polygon (MATIC), Avalanche (AVAX), Uniswap (UNI), and Ripple’s sister coin Stellar (XLM) surged 55% to $0.148. went.